Companies

Nusli Wadia voted out of all Tata Group company boards

Our Bureau Mumbai | Updated on January 16, 2018

BL26_P13_WADIA

Shareholders of Tata Chemicals voted out Nusli Wadi as an independent director at the an held here on Friday.

With this outcome, Wadi has been voted out from all the three Tata Group companies he was an independent director in — Tata Steel, Tata Motors and Tata Chemicals.

Of the total 25.48 crore shares of Tata Chemicals, 14.91 crore shares were voted and of this 11.28 crore were in favour of the resolution to remove Wadia, said Tata Chemicals on Saturday.

It added that 3.55 crore votes, accounting for 24.33 per cent of votes polled, were against Wadia’s removal.

Speaking to shareholders at the Tata Chemicals EGM on Friday, Ratan Tata, interim Chairman, Tata Sons, had said the outcome of the EGM could have gone either way but “your (investors) support has been overwhelming and remarkable”.

“It has done more for my sense of goodwill today and this week than anything else that has happened. These days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful,” he said.

In November, Tata Sons the promoter of Tata Chemicals and five other group companies, sought to convene EGMs to get shareholder approval to remove Cyrus Mistry and Wadia from the boards.

Early last week, Mistry resigned as director from all the six listed Tata companies ahead of the EGMs.

Wadia was charged and removed for galvanising other independent directors’ support for Mistry, and plotting against the promoter Tata Sons. He has been an independent director of three Tata companies for 35 years.

Tata Chemicals shareholders approved a resolution to appoint Bhaskar Bhat as a director of the company with 79.26 per cent of votes going in his favour.

They also voted in support of the appointment of S Padmanabhan as director of the company, with 89.29 per cent voting in favour of a resolution for his appointment.

Published on December 25, 2016

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

null
This article is closed for comments.
Please Email the Editor